$INIT surged 46% today, with open interest up 94% in just over a day, yet open interest is only 10 million U while trading volume is 290 million U—nearly 30 times the open interest. The funding rate is -0.91%, meaning shorts are paying longs every funding period. The retail long/short ratio is 0.82, so there are actually more shorts than longs. With price surging while shorts pile in, is the market waiting for a short squeeze, or has someone already taken the opportunity to sell off?\n#INIT